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Twelve new speculative units to be built in the East Midlands

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Texan-based investor Hines is to fund a 772,000 sq ft speculative logistics development portfolio.

The deal with developer Derbyshire-based developer Clowes will see Hines put up the money for 12 units on four East Midlands business parks.

The developments will be at Dove Valley Park off the A50 at Foston in Derby, Birchwood Business Park at Alfreton, Castlewood at South Normanton and Fairham Business Park at Nottingham.  

Construction work will begin with immediate effect with units ready for occupation by the end of 2022.

Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 255 cities in 27 countries. Hines oversees investment assets under management valued at approximately $83.6 billion. In addition, Hines provides third-party property-level services to more than 367 properties totalling 138.3 million sq ft.

The Clowes group holds over 3,000 acres of land and 15,000 residential plots in 130 development sites across the country, including more than 50 office and business parks and several larger mixed-use sites.

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